Operations

Working in the back office may not have the same appeal as being front line, but without operations staff no banks would be able to run smoothly, serve clients, or make money. Operations staff provide administrative support to front and middle office staff, developing processes, liaising with business in which there are B2B matters, and even getting involved within the trade community. It is the job of operations to ensure that all records of every transaction are accurate, and that's not always an easy task.

Current Market & Opportunities

The roles within operations have changed significantly in recent years, and while there are still a wide range of positions available, these have evolved from what was traditionally thought of as a typical operations role. Previously, operations was very much involved in the manual drawing up and maintenance of paperwork. Newer technologies have made manual input obsolete but support staff are still a vital part of the banking family.
efinancialcareers.com lists many vacancies for trade support workers, who are largely located on the trade floor and provide backup for any administrative questions or concerns cropping up on the trading desks. There are also many more opportunities the higher up the ladder you get, such as becoming involved with recruitment decisions for operations staff, and managing offshore teams where operations activities have been outsourced or relocated.

Salaries and Rewards

Compared to front office jobs, where there's high risk and high pay offs, working in operations isn't a fast track to becoming one of the world's richest people. Salaries are moderate, but pay is on par for the type of job - it's low risk, and you'll typically be working a standard 9-5. Entry level operations come with salaries of between $50k and $60k plus an annual bonus of around 5 percent. However, some banks will offer higher base salaries with smaller bonuses, or may even do away with the concept of the bonus altogether.